F&O Cues: Key support & resistance levels for Nifty 50

F&O Cues: Key support & resistance levels for Nifty 50

by 5paisa Research Team Last Updated: 2022-04-04T18:32:05+05:30

Highest put option open interest contract was added at a strike price of 18000 for expiry on April 7.

Indian equity market remained the best performing market globally today, thanks to the merger between HDFC Bank and HDFC, which lifted the sentiment. Nifty 50 opened at 17809.10 against the previous close of 17670.45 showing a gap-up 138 points. It built on that gain with minor pullbacks and finally closed with a gain of 382.95 points or 2.17% at 18053.4.

Asian stocks traded in green after China's proposal to remove a key audit barrier on US-listed Chinese stocks which will ease delisting pressure and keep a major funding avenue for companies intact. European stocks are also currently trading with minor gains.

 Activity on the F&O front for weekly expiry on April 7 shows 18500 to act as a strong resistance now. Highest call open interest contract of 115671 stood at this strike price. The second-highest call option open interest 108175 for Nifty 50 stood at a strike price of 18000. In terms of the highest addition of open interest in the call options front, it was at 19000 in the last trading session. A total of 64517 open interest was added at this strike price.

In terms of put activity, the highest put writing was seen at a strike price of 18000, where 98822 open interest was added today, followed by 17800 strike price where (75714) open interest was added. Highest total put open interest (123134) stood at a strike price of 17500. This is followed by a strike price of 17000, which saw a total put option open interest of 115232 contracts.

The Nifty 50 put call ratio (PCR) closed at 1.28 for the day. A PCR above 1 is considered bullish while a PCR below 1 is considered bearish.

Max pain at the end of today's trade for weekly expiry on April 7 stands at 17850.

Top five call and put open interest with their strike price 

Strike Price  

Open Interest (Call)  

18500  

115671  

18000  

108175  

19000  

107396  

18200  

80555  

18300  

59851  

Strike Price  

Open Interest (Put)  

17500  

123134  

17000  

115232  

18000  

106476  

17600  

86338  

17400  

86033 


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